22:22 / 18.06.2020
Uzbekistan and Russia plan to create a joint venture for car production

On June 17, the Deputy Prime Minister of Uzbekistan, Sardor Umurzakov, and the Deputy Prime Minister of the Russian Federation, Alexey Overchuk, chaired expanded Uzbek-Russian intergovernmental negotiations.

Photo: MIFT

According to the press service of the Foreign Ministry, the event examined the possibilities of establishing agro-industrial clusters in the territory of both countries, with a full cycle of production of sunflower oil, meat and dairy products.

“In addition, the parties considered a number of initiatives to create joint ventures in the field of production of yarn, fabrics, finishing materials and knitting, wood harvesting and processing, electrical products and passenger cars,” the press service said.

It was also agreed to accelerate the realization of the agreed projects and initiatives, with monthly reviews of their implementation, and to inform the Uzbek and Russian business communities of the available opportunities to enhance investment partnerships and mechanisms to increase bilateral trade volumes.

The sides considered prospects for establishing joint freight forwarding facilities, logistics and distribution centers for storing and transporting fruit products in both countries.

“The establishment of such centers is expected to significantly reduce transport costs, ensure the rapid delivery of goods from the producer to the final consumer while maintaining quality, which will contribute significantly to the further development of the trade turnover between Uzbekistan and Russia,” the ministry states.

At the end of the negotiations, the parties emphasized their strong mutual commitment to continue the comprehensive study of the promising growth spheres of investment, trade and economic cooperation and to ensure high-quality and timely implementation of the agreements.